Liquidity, Capital Resources and Going Concern	9 Months Ended
Sep. 30, 2021
Nature of Business and Presentation of Financial Statements
3. Liquidity, Capital Resources and Going Concern	Note 3 – Liquidity, Capital Resources and Going Concern As of September 30, 2021, the Company had working capital of $6,800,773 compared to working capital of $10,572 at December 31, 2020. This significant increase in working capital is due primarily to the increase in cash over the nine-month period based on the Company’s sale and issuance of Series D Convertible Preferred Stock (“Preferred Stock”) and the proceeds for the exercise of warrants (see Note 4 and Note 6). During the second quarter of 2021, in connection with the Merger (described in Note 4 below), the Company received gross proceeds of $6,551,745 from the sale of Series D Convertible Preferred Stock. As of September 30, 2021, the Company has an accumulated deficit of $2,488,224. For the nine months ended September 30, 2021, the Company had a net loss of $2,492,817 and $1,053,591 of net cash used in operations for the period. The Company believes that the capital raised from the sale of Preferred Stock and proceeds from conversion of warrants will provide sufficient cash flow for the Company to meet its financial obligations for at least the next 12 months as they come due.

Liquidity, Capital Resources and Going Concern

9 Months Ended

Sep. 30, 2021

Nature of Business and Presentation of Financial Statements

3. Liquidity, Capital Resources and Going Concern

Note 3 – Liquidity, Capital Resources and Going Concern

As of September 30, 2021, the Company had working capital of $6,800,773 compared to working capital of $10,572 at December 31, 2020. This significant increase in working capital is due primarily to the increase in cash over the nine-month period based on the Company’s sale and issuance of Series D Convertible Preferred Stock (“Preferred Stock”) and the proceeds for the exercise of warrants (see Note 4 and Note 6). During the second quarter of 2021, in connection with the Merger (described in Note 4 below), the Company received gross proceeds of $6,551,745 from the sale of Series D Convertible Preferred Stock. As of September 30, 2021, the Company has an accumulated deficit of $2,488,224. For the nine months ended September 30, 2021, the Company had a net loss of $2,492,817 and $1,053,591 of net cash used in operations for the period.

The Company believes that the capital raised from the sale of Preferred Stock and proceeds from conversion of warrants will provide sufficient cash flow for the Company to meet its financial obligations for at least the next 12 months as they come due.